[JanisL]

Any fixed amount only makes sense in a world with sound money, otherwise inflation or deflation will make the fixed number shift over time. Unfortunately because of these pernicious "inflation targets" with monetary and fiscal policy being popular the purchasing power of currency isn't even being attempted to be held stable in many parts of the world at the moment.

[hansvm]

Why is inflation targeting pernicious? To the extent that currency is a replacement for bartering, a positive inflation rate is a mechanism for enforcing a sort of temporal locality in that conceptual bartering. Why is that bad, or else what other functions is currency serving where inflation targeting is undesirable?